Economics Of Co-Living
Economics Of Co-Living

Co-living is a new age concept of communal living in which residents get a private bedroom in a furnished home with shared common areas. This concept is increasingly becoming popular in major cities for students, new employees who have found a job and relocating, digital nomads etc. 

What is so interesting about Co-living, and why is it becoming a new fad?

How is it different from taking a room on rent?

What are the benefits of Co-living?

How does it address the issues that people face in a new city?-+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

How does Colive deliver value to its residents?

 Let us explore each question in detail –

What is so interesting about Co-living, and why is it becoming a new fad?

Co-living opens up a new vista of PG accommodation for newcomers. It is a concept that makes settling in a new city much easier, safer and convenient. It helps people find an affordable place to live that ticks all the boxes. It gives you much-needed flexibility as you settle into a new city. You can settle into your new job or course without the hassles of daily life. Yes, we refer to daily chores like cooking, cleaning, washing and taking out the trash.

How is it different from taking a room on rent?

Co-living is quite different from taking place on rent independently. If you were to take up PG accommodation alone, you would have to pay a hefty sum as a security deposit which could be as high as ten months rent. This is taken in advance, and an 11-month lease agreement is signed. It would be tricky to terminate the agreement prematurely, which means you could be stuck in a place you don’t like for nearly a year. Moreover, these PG accommodations need not necessarily be furnished, which means you will have to get all your basic amenities from scratch. If you go for a fully furnished flat, it could burn a hole in your pocket. If you choose an unfurnished one because of the lower rent, you will require to invest a tidy sum in furnishing it and making it liveable. Considering that you are single, it would make no sense to block so much money at the beginning of your career or while you are here for studies. The PG accommodation would most likely have the house owner living on the premises. This could turn out to be a messy experience over some time. They can impose restrictions that would cramp your lifestyle and freedom. Moreover, finding such a place is tricky online as you have to check multiple sites to find the right PG accommodation. If you are looking for PG accommodation in a new city you plan to move to; you will have to rely on the pictures posted on the site. There would be no option for a virtual tour which means blocking such a flat based on images could be a let down when you see it.

What are the benefits of Co-living?

Now, let us look at the benefits of Co-living. Co-living provides you with the option to check out multiple properties in locations close to your workplace before you even move to the city. Co-living is easier on your pocket because it can pass on the benefits of economies of scale. It considers all the factors that a newcomer would need before it develops a property into a co-living space. The kind of shared amenities and convenience that co-living spaces offer can hardly be compared with single PG accommodation provided by independent house owners. Traditional hostel accommodations do not offer such amenities either. 

How does it address the issues that people face in a new city?

The main issues faced by people when they move to a new city are 

Proximity to the workplace 

The ideal option for newcomers would be to find a place within walking distance of their workplace. However, this is easier said than done. Even if such places are available, they would cost a bomb and would be unaffordable for newcomers.

Safe residential neighbourhood

Everyone wants a safe residential neighbourhood; however, if you are a newcomer in the city with no idea about the location, it is not easy. Especially when single women are concerned, it becomes extremely important to identify a safe PG accommodation. She can travel at any time of the day or night as demanded by her work schedule. With the growing incidence of crimes, it becomes a crucial parameter that you cannot afford to neglect.

Reasonable rates that fit the budget

Being single, probably on your first job or here to finish your studies, it may not be possible to afford very high rentals and the accompanying 10-month security deposit. This puts several properties off your shortlist.

The ones you may find reasonable would tick a few but not all the boxes on your checklist. So, you would need to incur additional expenses by way of furnishing and appliances to make it liveable. This would be another drain on your pocket.

Connectivity

You may find places within your budget. Still, they could be located far away from your workplace and having poor transport connection. If you have to spend hours commuting to and from work, it would simply kill the joy of working.

Shared Amenities 

At home, you would have been used to basic amenities like a washing machine, television, Microwave oven, refrigerator, an inverter, a maid, cook etc. To arrange all these in a new city for one person may not be a viable option since it would involve a lot of capital investment. 

Maintenance 

Merely finding a place to live is not enough. You would need to maintain your PG accommodation, too, which means you would have the hassle of daily chores like washing and ironing and cleaning etc. It can be quite tricky to balance your work and household chores, especially if you have odd hours.

How does Colive deliver value to its residents?

Now, let us look at what Colive offers its residents in terms of living spaces. Co-living provides fully furnished PG accommodations in several residential areas in the cities of Bangalore, Hyderabad. Chennai and Pune. You can select single/double/triple occupancy based on your preference. You will get a bed and a private study, while each apartment will have a shared living area and a fully fitted kitchen. The living area has a television in case you need some entertainment. If you wish to, you can cook in your kitchen that is equipped with the basics. Also, every property has a community kitchen that can serve dinner and breakfast if needed.

Besides, Colive properties have trained housekeeping staff who will keep the place spotless. So you do not have to be worried about the cleaning and maintenance. The properties have designated washing areas fitted with industrial washing machines. Some properties even have Big Bazar vending machines in case you wish to buy provisions or snacks.

There is a designated Cinema Room for your entertainment. You can even choose to book it for a private screening with your friends. There is a games room with a PlayStation, foosball, table tennis and board games if you are in the mood. You can hit the fitness room if you like to sweat it out. If it is some me-time you need or a place for a cosy date, the terrace has a starlit lounge. 

From the point of view of safety, Colive properties are equipped with 24*7 surveillance. There is a tech-enabled access card that ensures that only the residents, their guests, and the housekeeping staff have access to the property, raising the safety level. There is 24-hour power backup, and Colive properties have an Emergency Response Team with a helpline available round the clock to deal with emergencies of any kind.

Keeping in mind the extra safety needs of women, Colive has designated All Women PG accommodations for those who do not prefer unisex living spaces.

You have the flexibility of selecting your partners from the wide variety of professionals who are residents. You can find people of similar interest. You can also choose to bring your friends and colleagues and jointly take an apartment. You can even work together with your friends or brainstorm in a meeting room. All Colive properties have Wifi connection so working from home is possible.

You can visit the site and zero in on the properties you like based on the location of your choice. You can request a virtual tour of the place, which means you can fix your property before you step into the city. You can block your space by paying the booking amount. This will be adjusted against the security deposit when you check in. The security deposit is only two months rental.

Moreover, you have the flexibility of even a one month lease period. This is perfect if you have a job that needs frequent relocation. There are no hidden surprises after you land up. There are no extra charges for electricity, Wifi and housekeeping. It is all included in the monthly rent, which makes it completely hassle-free. You will not have a landlord breathing down your neck.

The rates at which these properties are available are very reasonable if you consider the benefits attached. The sheer convenience of hassle-free living is worth the price as it removes the uncertainties you would face in an independent PG accommodation. All your basic needs are well taken care of, and you don’t need to pay extra for anything.

So what are you waiting for? You can just lie on your couch at home, browse through the PG accommodation options in Bangalore, Delhi, Chennai and Hyderabad and make your choice. Just make a booking payment of Rs 4000 and block the space. We will keep it ready for you when you land in the new city. The ease of booking and the ease of living will be a completely new experience for you, and we promise that you will not regret the time you spent at a Colive property.